Timeline

Voting rights breakdown

Notice details

Beneficial owner

Sonata Securities S.A

Sonata intends to issue on 30 December 2005 CHF 767,300,000 1.5 per cent Collateralised Equity-linked Limited Liability Obligations Bonds due 2010 Exchangeable for Ordinary Shares of Adecco S.A (the "Sonata Bonds"). The proceeds of the issuance of the Bonds will be used to acquire the Notes. A. Collateral Pass-Through Rights Sonata's obligations under the Sonata Bonds are secured by a charge over the Notes. Adecco shares received by Sonata pursuant to the Collateral Pass-Through Right will be sold by the selling agent and the proceeds distributed to the holders of the Sonata Bonds, in each case as contemplated by, and in accordance with, the terms and conditions of the Sonata Bonds. B. Exchange Rights Pursuant to a further agreement between Deutsche Bank AG and Sonata, dated as of 23 December 2005: 1. Sonata undertakes and agrees, upon receiving a valid exchange notice in respect of any Sonata Bond(s) (the "Sonata Exchange Bonds") to exercise its Exchange Right in respect of a principal amount of Notes equal to the principal amount of Sonata Exchange Bonds by delivering an exchange notice; and 2. Sonata undertakes and agrees that it will not exercise the Exchange Right in respect of the Notes except and to the extent that the exchange right in respect of the Sonata Bonds has been exercised. Consequentially, all Adecco shares acquired by Sonata through the exercise of Exchange Rights will be transferred to the holders of the Sonata Bonds.